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Author: Richard BarwellPublisher: SpringerISBN: 3319404636Size: 80.16 MBFormat: PDF, ePub, DocsView: 7196Download and Read
This book reviews the key policy debates during the post-crash era, describing the issues that policymakers grappled with, the decisions that they took and the details of the policy instruments that were created. It focuses specifically on the policy regimes at the epicentre of the crisis: micro- and macro-prudential policy with chapters exploring the revolution in the conduct of macroeconomic policy in the period since the financial crisis. The author shows that throughout this period policymakers have had to balance two conflicting objectives – to repair balance sheets in the banking and public sectors whilst simultaneously trying to catalyse an economic recovery – and that has required them to innovate new tools and even new policy regimes in response. This book goes behind the jargon and explains what exactly policymakers at the Bank of England, the Treasury and beyond did and why, from QE to austerity to Basel III.

Author: Adam ToozePublisher: PenguinISBN: 0525558802Size: 80.49 MBFormat: PDF, ePub, MobiView: 1514Download and Read
"An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From a prizewinning economic historian, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. In September 2008 President George Bush could still describe the financial crisis as an incident local to Wall Street. In fact it was a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. In the United States and Europe, it caused a fundamental reconsideration of capitalist democracy, eventually leading to the war in the Ukraine, the chaos of Greece, Brexit, and Trump. It was the greatest crisis to have struck Western societies since the end of the Cold War, but was it inevitable? And is it over? Crashed is a dramatic new narrative resting on original themes: the haphazard nature of economic development and the erratic path of debt around the world; the unseen way individual countries and regions are linked together in deeply unequal relationships through financial interdependence, investment, politics, and force; the ways the financial crisis interacted with the spectacular rise of social media, the crisis of middle-class America, the rise of China, and global struggles over fossil fuels. Finally, Tooze asks, given this history, what now are the prospects for a liberal, stable, and coherent world order?

Author: Todd A. KnoopPublisher: Wiley-BlackwellISBN: 9781405161817Size: 37.33 MBFormat: PDF, DocsView: 361Download and Read
Modern Financial Macroeconomics takes a non-technical approach in examining the role that financial markets and institutions play in shaping outcomes in the modern macro economy. Reviews historical and contemporary macroeconomic theory Examines governmental influence on moderating (or exacerbating) economic fluctuations Discusses both empirical and theoretical links between financial systems and economic performance, as well as case studies detailing the role of finance in specific business cycle episodes

Author: George A. AkerlofPublisher: MIT PressISBN: 0262027348Size: 22.32 MBFormat: PDF, MobiView: 667Download and Read
Top economists consider how to conduct policy in a world where previous beliefs have been shattered by the recent financial and economic crises.

Author: John SmithinPublisher: Edward Elgar PublishingISBN:Size: 39.11 MBFormat: PDF, KindleView: 2922Download and Read
This book is stimulating and written in language easily accessible to a wide audience. It presents a useful survey of macroeconomic policies and ideas up to the present day. Smithin provides a welcome appraisal of modern macroeconomic theory and raises valid questions about the wisdom of contemporary policy makers. This is definitely a book worth reading and adding to your library. Donald Lee, Business and the Contemporary World E.M. Forster once gave two cheers for democracy . I wish to give three cheers for John Smithin and his wonderfully courageous and timely new book. Stripping away all the clever technical scaffolding which characterises so much modern economic theory (which Smithin himself understands well) he reveals the underlying political economy of the major developments in capitalist economies since the great depression. Basically, he makes a fundamental Marxist point: capitalism works tolerably well if finance and industrial capital advance in tandem not only because then the two great capitalist classes are content but also because the resulting prosperity may also be shared in by the wage-earners. But if they get out of tandem, as happened in the 1970s, for example, tacit harmonies turn to conflict so that, in the case of the last 20 years we have been witnessing the rentiers revenge. As both Marx and Kalecki told us and now John Smithin does too, hired prizefighters may be found to say that the situation has become basically unsound . But political economy was started by true scientists and scholars; and it is to that honourable tradition that John Smithin so naturally belongs. G.C. Harcourt, University of Cambridge, UK, Jesus College, Cambridge and University of Adelaide, Australia . . . a solid and well reasoned book. Smithin mixes incitefulness, an excellent command of the literature, together with common sense to come up with a superb discussion of macro policy. David C. Colander, Middlebury College, Vermont, US John Smithin examines critically the new orthodoxy in macroeconomic policy and reveals it as little more than a return to pre-war values and concepts with policy once again dominated almost entirely by financial interests. John Grieve Smith, Robinson College, Cambridge, UK Macroeconomic Policy and the Future of Capitalism addresses the revolution in macroeconomic policy of the last quarter of the twentieth century and the movement away from concerns with employment and growth in favour of financial variables such as inflation and exchange rates. John Smithin argues that this financial reaction in macroeconomic policy is the result of a distinct shift in political power in favour of financial or rentier interests, and away from both labour and manufacturing business. The outcome is a regime in which the real rate of return to financial capital is persistently higher than it was in the relatively prosperous years between the end of World War II and the mid-1970s, but economic performance is persistently worse. Professor Smithin recommends drastic changes in attitude, in particular in the conduct of monetary policy, if a more secure prosperity is to be restored in the 21st century. Macroeconomic Policy and the Future of Capitalism is an accessible, highly readable account of macroeconomic policy in the industrial nations which cuts through the complex mathematics and obscure jargon of most books on economics to deal with real issues.

Author: Farrokh K. LangdanaPublisher: SpringerISBN: 3319328549Size: 71.89 MBFormat: PDFView: 3456Download and Read
This book is an applications-oriented text designed for individuals who desire a hands-on approach to analyzing the effects of fiscal and monetary policies. Significantly updated to provide an understanding of the post-financial crisis economy, the third edition covers the subprime crisis in detail, discussing monetary policies enacted in its wake, such as quantitative easing, tapering, carry trades, CMOs, and monetization. Even more globally oriented than previous editions, this volume links the Great Recession and US Monetary Policy to global hot capital flows and currency pegs. This edition also revisits the Eurozone in significant detail; discussing its history, its macroeconomic design challenges, and its present imperiled state, in the context of global macropolicy. Finally, this volume analyzes the "China syndrome" and explores the effects of slower trend growth in China on the rest of the world. India, with its different—almost supply-side—approach to macropolicy is also studied in detail. The third edition contains several brand-new cases and media articles that are carefully positioned to relate explicitly to theory, and to look ahead to and preempt global macro situations and polices in the years to come. MBA students and Executive MBA students who appreciate the importance of monetary and fiscal analysis will find this text to be right on target. Financial analysts and individual investors who need to strip away economic myths and jargon and systematically examine and understand the effects of macro policies on variables such as inflation, output, employment and interest rates, will also find the book extremely useful.​

Author: Ben CliftPublisher: Oxford University PressISBN: 0198813082Size: 68.42 MBFormat: PDF, ePubView: 2443Download and Read
This book explores the IMF's role within the politics of austerity by providing a path-breaking comprehensive analysis of how the IMF approach to fiscal policy has evolved since 2008, and how the IMF worked to alter advanced economy policy responses to the global financial crisis (GFC) and theEurozone crisis. It updates and refines our understanding of how the IMF seeks to wield ideational power by analysing the Fund's post-crash their ability to influence what constitutes legitimate knowledge, and their ability fix meanings attached to economic policies within the social process ofconstructing economic orthodoxy.This book is interested in the politics of economic ideas, focused on the assumptive foundations of different approaches to economic policy, and how the interpretive framework through which authoritative voices evaluate economic policy is an important site of power in world politics. Afterestablishing the internal conditions of possibility for new fiscal policy thinking to emerge and prevail, detailed case studies of IMF interactions with the UK and French governments during the Great Recession drill down into how Fund seeks to shape the policy possibilities of advanced economypolicy-makers and account for the scope and limits of Fund influence. The Fund's reputation as a technocratic, scientific source of economic policy wisdom is important to for its intellectual authority. Yet, as this book demonstrates, the Fund makes normatively driven interventions in ideologicallycharged economic policy debates. The analysis reveals the malleability of conventional wisdoms about economic policy, and the processes of their social construction.

Author: RoyPublisher: Tata McGraw-Hill EducationISBN: 9780070599383Size: 43.28 MBFormat: PDF, KindleView: 2593Download and Read
This book is written for professional managers, both in public and private sectors, who have little or no background in Economics, but have to face, on a regular basis, the challenges posed by a rapidly changing macroeconomic policy environment.The book attempts to provide an understanding of how macroeconomic policies work and, in turn, how they impact the business environment. It adopts a uniquely practical approach to explain various aspects by deliberately avoiding jargon, diagrams and equations. Instead, a story mode has been in-built for easy grasp.

Author: James GrantPublisher: Simon and SchusterISBN: 1451686463Size: 55.28 MBFormat: PDF, DocsView: 5003Download and Read
"By the publisher of the prestigious Grant's Interest Rate Observer, an account of the deep economic slump of 1920-21 that proposes, with respect to federal intervention, "less is more." This is a free-market rejoinder to the Keynesian stimulus applied by Bush and Obama to the 2007-09 recession, in whose aftereffects, Grant asserts, the nation still toils. James Grant tells the story of America's last governmentally-untreated depression; relatively brief and self-correcting, it gave way to the Roaring Twenties. His book appears in the fifth year of a lackluster recovery from the overmedicated downturn of 2007-2009. In 1920-21, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No "stimulus" was administered, and a powerful, job-filled recovery was under way by late in 1921. In 1929, the economy once again slumped--and kept right on slumping as the Hoover administration adopted the very policies that Wilson and Harding had declined to put in place. Grant argues that well-intended federal intervention, notably the White House-led campaign to prop up industrial wages, helped to turn a bad recession into America's worst depression. He offers the experience of the earlier depression for lessons for today and the future. This is a powerful response to the prevailing notion of how to fight recession. The enterprise system is more resilient than even its friends give it credit for being, Grant demonstrates"--